Four bedroom house, City of Cleveland, USA
City of Cleveland, Cuyahoga County, Ohio, USA
|Bedrooms||4 - Bed|
|Bathrooms||2 - Bath|
This fantastic two apartment multi family home is located on a nice street
bordering Goodrich-Kirkland just 2.3 miles from Downtown Cleveland. Saint ClairSuperior is close to the great lake, borderline lake properties offer lots of potential
for future growth.
The property is divided into two large two bedroom apartments. The property has
a good long term tenant in place in one apartment paying $625 in rent each
month. The second apartment has just been vacated and will be supplied by the
seller rental ready. The management company will place brand new tenants when
the new owner closes on the property paying $750 – $800 in rent each month.
Goodrich-Kirkland Park is viewed as an up and coming area in Cleveland due to
its close proximity to the lake, it is also just 2.3 miles from Downtown and 3 miles
from University Circle. The property is only six minutes and 3.6 miles from
Cleveland State University, an 85 acre campus offering more than 200
undergraduate and graduate programs to over 11,000 students.
Purchase price: $69,900
Gross annual rental income: $17,100
Property running costs: $3,593
(Tax, insurance and management costs)
Net annual rental income: $13,507
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 20%Break even in 5 Years